The global market for industrial cybersecurity solutions and services has witnessed a steady influx of new players and a vast rise in investments from large and well-established players in the past few years, observes Transparency Market Research in a recent report. The steady rise in demand for effective cybersecurity solutions and services across a number of industries is expected to lead to promising growth prospects for vendors operating in the market in the next few years.
The market is expected to see a significant surge in research and development activities aimed at the development of innovative products from companies focusing on strengthening their hold on the market. Some of the leading companies in the market are Symantec, IBM, and Cisco.
According to the report, the global industrial cybersecurity solutions and services market will rise to a revenue opportunity of US$29.97 bn by 2026 from a valuation of US$13.75 bn in 2017, clocking in an impressive CAGR of 9.2% over the period between 2018 and 2026.
North America to Present Promising Growth Avenues
In terms of component, the report suggests that the segment of software solutions will account for the dominant share of revenue in the overall industrial cybersecurity solutions and services market over the forecast period. The segment of Ethernet switches in terms of the key hardware solutions employed in industrial cybersecurity setups is expected to account for the dominant share in market revenue over the forecast period.
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Geographically, the market in North America is envisaged to emerge as the leading revenue contributor to the global market, expanding at an impressive 8.4% CAGR from 2018 to 2026. Rapidly industrialized emerging economies across Asia Pacific are also expected to lead to a promising demand for industrial cybersecurity solutions and services over the forecast period.
Increased Use of Industrial Control Systems in Industries Leads to Surge in Demand for Cybersecurity Solutions and Services Globally
Demand for cyber security solutions and services is rapidly growing around the globe chiefly owing to the increased vulnerability of industries with a large number of connected devices, machines, industrial control systems, and network components to malware attacks and data breaches. Other factors such as the vast surge in adoption of cloud-based solutions and applications, policies such as and bring your own device (BYOD), which are employed with the intension of improving work culture across small and large organizations, and an increased awareness regarding the threat to business data to the consecutive rise in data access points are also expected to work in favor of the market.
However, the market could face roadblocks in the form of lack of awareness regarding the need for effective cybersecurity solutions for the safety of critical business data, especially across a number of underdeveloped economies, and the high cost of these solutions. Nevertheless, factors such as the vast rise in technical know-how across the globe, presence of a large number of companies in the market, and rising rate of digitization in industries are expected to present a vast set of new growth opportunities before the market.